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Athbreakout

BITCOIN IS ABOUT TO PUMP HARD! My thoughts for the coming days.Namaste. Getting straight to it. Looking at the daily chart we can see that Bitcoin formed a very interesting Death Cross on the 30th of April which sent Bitcoin price violently down. The procedure was also aided by another two Death Crosses formed on 24th of May and again 13th of July with the last one sending the price to its historical previous lows AND support levels at which point the bulls put a stop on it and took over. Take note that the entire procedure took 81 days and sent the price of Bitcoin down by a whopping 50% !!! Shortly after that, on the 3rd of August a Golden Cross was formed followed by an almost immediate break out of the resistance (Red line) opening the door to testing the previous ATH. Another Golden Cross was formed on the 19th of August which is still active. Currently the price broke below its current support line (Green) and its testing it for a breakout above. Take note that after the price broke out below this trend line it has on both occasions found support at the 25 (Blue) and 200 (Pink) SMA levels. Looking at the uptrend caused from the 3rd of August we see a 29% increase in 14 days and from the one from 19th of August which is still very active is a 10% increase in 15 days and its still going. A total of 31 days so far and an increase of 39%. If the price breaks above the current resistance (Green line) and maintains that level (retests and holds strong) and if we see the RSI breaking above its current resistance (Red line), I believe we will see a third Golden Cross (Red 100 SMA over Pink 200 SMA) which by then the price should have already tested the previous ATH and would be ready to create and all new and fresh ATH. FOR ALL THE BEARS OUT THERE: Looking at this from a bearish view. Should the case be that the price is rejected from the current resistance level and starts dropping and IF a candle closes below the 200 SMA (Pink) with high Volume (this is important as recent candle close below had low volumes) then to me its a signal that we are in BEAR MODE. I would be shorting at this point and/or waiting to buy in (Green targets). SUMMARY: BULL MODE: My targets are in Red. BEAR MODE: My targets are in Green. This is just my thoughts and NOT a trading advice. Do your own due diligence and if you find you agree with my idea then it is up to YOU how you choose to invest your capital. MAKE SURE YOU HAVE A STOP LOSS. Have a great one :)
Long
by The_Profit_Prophet
4
ETH Broke the ATH! Price Action Scenarios Hello, guys! Today the ETH price clearly broke the ATH level. It formed the ascending triangle and broke through it. This bullish sign have the target of triangle's height, which corresponds to $1770. The second potential target is $1900 which is the R2 pivot level. Which scenarios could play out here? Scenario 1. Price now is on R1 pivot level $1620, if it is able to close above it we can see the fast first target reaching. After, if the price find support above R1 the next move can be to the target 2 ($1900). Scenario 2. Price will not be able to break the R1 now and bounce off it to the ATH level, but this is strong support and price growth continue to the targets. We will monitor price action and do updates. DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
by Skyrexio
2